Record rental growth recorded

Lettings Partner Lucy Nolan has been reviewing the latest rental statistics issued by Rightmove.  It will be no surprise to learn that according to their quarterly Rental Trends tracker, asking rents in Great Britain are rising at their fastest rate ever recorded.

Record rental growth recorded

The average asking rent outside of London has grown 9.9%, making the average monthly rent £1,068 per calendar month outside of London.  This figure represents the highest annual jump on record and a swift recovery from the slowdown in rental growth in the months immediately after the pandemic started.

Locally, the South West saw a quarterly increase of 2.3% at the end of 2021, and an annual increase of 11%.  In spite of high property prices, those venturing into Buy To Let could be rewarded by an average yield since 2016 of 5.5% in the South West.

These trends reflect the short supply and high demand for rental property reported by our letting agents across the region. “With a large register of applicants looking for property, we regularly have multiple viewings, thus enabling Landlords to select the tenants most suitable to the property and to the term of the tenancy. Our rental properties come from various sources, buy to let, relocations, investment portfolios, and changes in business or farming policy can bring a property to the rental market, as well as landlords weary after a full-on ‘staycation’ holiday letting season.”

If you have a property you are considering letting, please contact either Lucy on 01305 571277 or our dedicated letting team within your local Symonds & Sampson office.

 

 

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